Fri.Mar 20, 2020

Banks limit lobby access, waive fees amid COVID-19

Mobile Payments Today

Banks across the U.S. are limiting lobby hours and encouraging mobile banking in response to the COVID-19 outbreak. Many banks continue to offer fee waivers and penalty reductions for customers that need to access funds early

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Fintech Finastra Hit By Suspected Ransomware Attack

PYMNTS

Banking technology FinTech Finastra was hit with a security breach on Friday (March 20), and was forced to shutter key systems and send employees home, according to a report by KrebsonSecurity.

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Digital-only financial institutions avoid leveraging pandemic fears 

Bank Innovation

The novel coronavirus may be closing bank branches nationwide, but some digital-only financial institutions are trying not to exploit consumer fears.

Walmart To Reward Workers With $550M In Bonuses Amid Coronavirus

PYMNTS

To honor staffers who are maintaining stocks of supplies on shelves as shoppers visit locations in droves, Walmart said it would pay almost $550 million in bonuses to hourly workers.

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Return of the TDR: How to Prepare for Coronavirus-Related Loan Restructurings

Abrigo

Key Takeaways For the first time in more than a decade, bankers may be dealing with large numbers of TDRs due to the coronavirus crisis. The FDIC recently reiterated that financial institutions should determine whether loans affected by COVID-19 should be reported as TDRs.

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How Opening Bank Data Can Transform SMB Lending

PYMNTS

Open banking’s impact on small- to medium-sized businesses (SMBs) continues to proliferate as traditional financial institutions (FIs) embrace the opportunity to unlock data for third-party platforms.

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Apple Caps eCommerce iPhone Buys At Two Per Shopper

PYMNTS

After Apple shuttered its physical stores outside of China amid the spread of the coronavirus around the world, the tech company is capping purchases of iPhones in its eCommerce shops in multiple countries to two handsets per person, Reuters reported.

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Will more regulators call for delay of CECL?

American Banker

The FDIC's call for FASB to postpone the loan-loss accounting standard's effective date could put pressure on other agencies to follow suit. FASB FDIC CECL Coronavirus Community banks Law and regulation

Melissa Unveils ‘World Encyclopedia’ To Ensure Address Accuracy

PYMNTS

In an attempt to offer expert address accuracy and management insight to companies of varying sizes and budgets, global intelligence solutions provider Melissa has released its “World Encyclopedia of Address Formats.”

Nothing to suggest trickle-down monetary policy will suddenly work

American Banker

The Fed must set up a ‘family financial facility’ that sends billions to households and small businesses so banks don’t misdirect relief funds. Crisis management Monetary policy Federal Reserve Dodd-Frank Economy Coronavirus

Smartphone Sales See Biggest Drop Ever In Feb.

PYMNTS

Research and consulting firm Strategy Analytics has released a report stating that global smartphone shipments dropped 38 percent year on year in February of 2020. It was the biggest drop in smartphone sales in the history of the market.

Consumers seek early access to wages to soften coronavirus hit

American Banker

Workers living paycheck to paycheck are borrowing from companies like PayActiv, DailyPay and Branch to survive the economic impact of the pandemic. Payday lending Fintech Coronavirus

HSBC, Alibaba Link Up On Quick eCommerce Loans

PYMNTS

Banking giant HSBC and Cainiao Network Technology, which is a logistics arm of Alibaba Group , have announced they will offer rapid finance approvals to online merchants that use Chinese shopping site Tmall, according to reports.

Sherrod Brown calls on regulators to suspend non-coronavirus rulemaking

American Banker

The Ohio Democrat argued that the public wouldn't be able to meaningfully provide feedback on rules given the stressful circumstances related to the outbreak. Financial regulations OCC Coronavirus NCUA Sherrod Brown CFPB

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Florida’s Spring Breakdown

PYMNTS

The deluge of college students that flood into Florida each year for spring break is such a regular occurrence that they’ve become something of a seasonal indicator.

Banks wrestle with coronavirus challenges; Swedbank’s AML fine

American Banker

Some banks have closed branches or restricted access and bank tech resources are being overwhelmed; bank pays a record SKr4 billion ($400 million) for issues. Jamie Dimon Jelena McWilliams AML CECL Stress tests Branch management

BoA Mortgage Customers Struggling Due To Pandemic Can Defer Payments

PYMNTS

Bank of America (BoA) customers impacted by the coronavirus can request mortgage, credit card and other loan deferments, the company announced on Thursday (March 19).

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This Week in Fintech ending 20 March 2020

Daily Fintech

This weekly summary from our 6 experts, brings you insights based on their experience as investors, entrepreneurs & executives. Ilias Hatzis started his first company, an internet search engine, during the dot-com era & now focusses on crypto.

Uber CEO Sees Cash Position As Downturn Defense

PYMNTS

In business, cash is king. It’s a saying that underpins examining companies’ balance sheets and cash flow.

Banks supplement benefits to help employees affected by coronavirus

American Banker

From paying $1,000 bonuses to branch employees to subsidizing child care expenses, banks are offering a slew of new perks for front-line employees still working and more paid leave for those who are ill or caring for sick family members.

Airbnb Fields Investor Calls Despite Having $3B In The Bank

PYMNTS

Airbnb, despite having plenty of cash, has been open to listening to investors as the coronavirus pandemic unfolds worldwide and hits industries like travel and hospitality hard, according to published reports Thursday (March 19).

Restaurants push to cut credit-card fees as part of U.S. rescue

Payments Source

Visa Inc., Mastercard Inc. and banks that issue credit cards went on high alert Wednesday when the National Restaurant Association asked President Donald Trump and congressional leaders to cut the so-called swipe fees incurred every time a customer pays with plastic.

Law Firm Warns Remote Staff To Turn Off Smart Speakers

PYMNTS

A U.K. law firm, Mishcon de Reya, has warned attorneys who are working from home to turn off their smart speakers while they’re talking to clients so the conversations don’t get recorded, according to a report by Bloomberg.

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Branch plans during outbreak, foreclosure pause, Wells Fargo's new top lawyer: Top stories of the week

American Banker

Banks cutting back on branch services — or closing stores outright — to slow spread of coronavirus; Trump administration to halt foreclosures as pandemic worsens; Wells Fargo hires TD's Ellen Patterson as general counsel; and more from this week's most-read stories. SBA Crisis management Fintech Wells Fargo Coronavirus JPMorgan Chase Branch banking

Today In Payments: BoA Mortgage Customers Can Defer Payments; India’s Proposed Rules Will Force Big Tech To Turn Over Data

PYMNTS

In today’s top news, Bank of America will offer mortgage, credit card and other loan deferments to customers impacted by the coronavirus, and India is moving to tighten controls on Big Tech companies by requiring them to turn over data.

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Fed expands reach of new credit facility to muni bond market

American Banker

The central bank said its program to support money market mutual funds will also serve as a backstop for state and local governments. Federal Reserve Liquidity Munis Money market funds Coronavirus Federal Reserve Bank of Boston

Restaurant Ordering Apps, Cloud Technology, Cash Hoarding Top This Week’s News

PYMNTS

It’s the end of the workweek, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news.

A Marketing Game Plan for COVID-19

ABA Community Banking

Whether you’re working from home or holding down the fort at the bank, here are five tips for marketers in the new world of the coronavirus. . The post A Marketing Game Plan for COVID-19 appeared first on ABA Banking Journal.

Instagram Creator Looks To Help Restaurants With Gift Card Directory

PYMNTS

To help local companies continue to bring in revenue amid COVID-19 restrictions, Instagram Co-founder Mike Krieger and his wife, Kaitlyn, rolled out a directory of eateries in the Bay Area offering gift cards called SaveOurFaves.

JPMorgan to give some front-line workers extra $1,000 of pay

American Banker

JPMorgan Chase plans to make special payments to lower-paid employees and branch workers who don't have the ability to do their jobs from home. Crisis management Coronavirus JPMorgan Chase